Rennie owns a video game arcade. He buys vintage video games fromestates, often at much less than the retail value of the property. He usually installsthe vintage video games in a special section of his video game arcade that appealsto players of classic video games. Recently, Rennie sold a classic video game thata customer just had to have. Rennie paid $11,250 for it, owned it for 14 months,and sold it for $18,000. Rennie had suspected that this particular classic video gamewould be of interest to collectors; so he had it refurbished, put it on display in hisvideo arcade, and listed it for sale on theInternet. No customers in the arcade had played it other than those testing it beforeconsidering it for purchase. Rennie would like the gain on the sale of the classicvideo game to be a long-term capital gain. Did he achieve that objective? Why orwhy not?